In response to HMRC property transactions data published today which showed on a seasonally adjusted basis the number of UK residential transactions in October 2023 was 82,910, which is 3% lower on the previous month and 21% lower annually, Nick Leeming, Chairman of Jackson-Stops, said:
“The market is embracing greater realism on pricing, reflecting a market that is more balanced with buyers now in the strongest negotiating position in five years.
“Today’s figures reflect this shift, showing a small drop in transaction numbers from the previous month as the market continues to adjust. Comfortingly however, these figures are not too dissimilar from the transaction volumes seen in August 2020.
“It’s easy to suggest that a slowdown of any extent is bad news for the market, but the minimal month on month fall amidst a backdrop of stubborn inflation and high mortgage rates is a ringing endorsement for the resilience of the property market and buyer and lender confidence.
“Our national network of agents tells us that transaction numbers and buyer appetite is heavily driven by location and local supply, in which competition for well connected, prime properties is continuing to hold house prices firm. For the right property at the right price, there remains a sense of urgency in deals right across the country underpinning market confidence.
“The South West and commuter towns across the South East and East continue to lead the way in the number of new buyers per new listings. This suggests that the pandemic race for space and shift away from primary city living has not wholly been forgotten, even with office working becoming a more consistent requirement from businesses again."
